There is no way you will ever allow your annoying aunt to have that beautiful painting that has been passed down in your family for generations, but how will you prevent her from getting it when you die? If you don’t hire a California trust attorney to handle your affairs now, she might just step in and claim it. You might not like it, but she could have a right to it unless you designate its destination in a last will and testament. Even then, she could contest it and present a case for ownership. What else can you do?
Set up a trust fund and have the painting donated to a museum if you can’t think of someone else in the family you’d like to leave it to. An irrevocable trust fund is unbreakable. Auntie can cry all she wants. There’s no way she’s getting the painting. She can come to the Museum of Art and check it out any time she cares to. Knowing its there for all to admire should bring her some joy. At the very least, it will make the other members of your family happy.
Does any of this sound familiar? Everyone has an annoying relative in the family that they don’t want to see any of their belongings end up with upon their death. Some proper estate planning from a trust attorney in California will not only prevent that from happening, it will also allow you to designate any of your assets to parties you want them to go to and ensure that your bills are taken care of and not left behind as a burden to your loved ones. You can actually rest in peace when you’re gone.
Trust funds are particularly important if you have younger children. Set one up early and feed a steady flow of income into it so that your kids will have a nest egg to start their lives out with. If anything happens to you, an executor or administrator can be selected to manage the trust fund and handle disbursements. You can also set a stipulation that no disbursements come out until the children reach a certain age. Ask us about these and other trust fund options when you call.
It would be nice if everything went smoothly when a family member dies, but unfortunately not everyone plans ahead. In some cases, the assistance of an attorney is required to sort through the mess, determine who gets what, and set up trust funds if they are thought to be what is best for the distribution of assets. If the latter is what your family desires, the trust attorney Palmdale families come to most often is Jesus Zuniga. Our firm has the experience and knowledge of trusts you’re looking for.
Of course, trust funds aren’t just for probate and last will and testament cases. On the contrary, a family that plans properly will set up trust funds while everyone is still alive so that assets can be distributed as they are accumulated. There are certain benefits to having this done with a trust fund, including tax deferments and an administrator for funds that are going to children or irresponsible adults. It is also possible to earmark funds for specific purposes, like education trust funds.
A Palmdale trust attorney can also act as the administrator or executor of the trust to ensure there is a neutral, unbiased individual making disbursements. The laws governing trust funds and the legal obligation of the attorney ensure that assets will be distributed according to your wishes. You can set up a trust fund to be irrevocable if your want those disbursements to always remain the same, or you can create a revocable trust where a vote to make changes can be taken by those involved in the trust. Either way, our firm can help you set it up and make sure it runs smoothly.
How much advance planning have you done to make sure your family is taken care of in the event of a tragedy or accidental death? If you have a last will and testament, your wishes should be honored, but if there are multiple parties out there who can lay claim to your estate, you may need more than that. A good example is someone who has been married more than once and has children from each of his or her former spouses. Who gets what? If your assets go into a trust fund when you die, they will get what the trust calls for, nothing more, nothing less. We’ll make sure of it.
Before you hire a Lancaster Trust Attorney, it’s important that you understand exactly what they are capable of doing for you. Your expectations need to be realistic and the only way that can happen is if you know what the responsibilities of a trust attorney are. Some of those responsibilities are set by the law itself and others are designated by the parties involved in the creation and administration of the trust. In certain cases, the administrator of the trust may be the trust attorney himself.
How do you determine how exactly you want your trust fund to work? A “trust” is an instrument by which you transfer property to a person or corporation for the benefit of another person. There are two common types: revocable and irrevocable. One can be changed after it is created and the other cannot. In the case of a trust initiated by request of a last will and testament, the trust is normally of the irrevocable type, with stipulations put in to cover transfer of assets in the event of the beneficiary’s death.
A California trust attorney can be the neutral party in disputes that arise when an individual dies without a will. This condition is called intestacy. When a person dies intestate, their assets go into probate and it needs to be determined who is entitled to them. This process can be long and tedious, and often gets ugly if there are multiple parties making claim to all or part of the estate. In some cases, placing the assets in trust and having the attorney, a neutral party, distribute them equally according to a mutually acceptable agreement is the best choice available.
You can avoid probate and intestacy by doing some sensible estate planning. If you work your entire life to accumulate some assets and have loved ones who you want those assets to go to when you die, you’ll want to have a legal will and possibly a trust fund set up to make sure they get what you decide you want them to get. These protections also ensure that the vultures won’t descend upon your estate when you pass and devour all of your hard earned money and property.